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ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME

Year 2013, Volume: 21 Issue: 1, 85 - 109, 27.06.2013
https://doi.org/10.29228/mjes.112

Abstract

1973’te Amerika Birleşik Devletleri, Almanya, Kanada, İsviçre ve Hollanda, 1979’da ise İngiltere ve Japonya sermaye hesapları üzerindeki kontrolleri kaldırmıştır. Böylece 1970’ler boyunca ilk olarak gelişmiş ekonomilerde bir finansal serbestleştirme hareketi ortaya çıkmıştır. Söz konusu finansal serbestleştirme hareketlerine, yurtiçi yatırımları için dış finansman sağlayabilmek ümidiyle 1980'li yıllarda Türkiye, Meksika, Arjantin, Endonezya, Tayland, Malezya gibi gelişmekte olan ülkeler de dahil olmuştur. Neticede son kırk yılda birçok ülke uluslararası sermayenin hareketliliğini engelleyebilecek düzenlemeleri ortadan kaldırmıştır. Bu süreçte IMF ve Dünya Bankası gibi uluslararası örgütlerin yakın geçmişe değin uluslararası sermaye hareketliliğinin artırılması gerektiği yönünde bir uzlaşıya sahip olduğu bilinmektedir. Teorik olarak ise iktisat literatüründe uluslararası sermayeye tam serbesti sağlanması gerektiğini savunan fikirler yanında kontrolü savunan yaklaşımlar da öteden beri mevcuttur. 2008 yılında yaşanan ve Amerika ile Euro Alanı gibi gelişmiş ekonomik merkezleri vuran küresel finansal çöküşün ardından, IMF ve Dünya Bankası gibi uluslararası örgütler de dahil olmak üzere, artık tam serbestiyi destekleyenlerin sayısı giderek azalmış ve bazı hallerde uluslararası sermayenin kontrolünün daha iyi sonuçlar verebileceği düşüncesi hakim düşünce haline gelmiştir. Bu bağlamda benzer bir düşünsel yönelim Avrupa Birliği’nde de ortaya çıkmış ve çeşitli uygulamalar hayata geçirilmiştir. Bu makale sermaye hareketleri hakkındaki literatür ile sermaye kontrolüne ilişkin çeşitli yöntemleri özetlemekte ve Avrupa Birliği’ndeki sermaye kontrolü tartışmaları ile uygulamalarını incelemektedir

References

  • Aslund, Anders (2011), “Sweden’s Experience with the Tobin Tax”, Real Time Economic Issues Watch, Peterson Institute for International Economics, www.piie.com/blogs/realtime/? p=2433 Erişim: 29 Mart 2013.
  • Bank for International Settlements (2010), “Report on Global Foreign Exchange Market Activity”. http://www.bis.org/publ/rpfxf10t.pdf. Erişim: 21 Mart 2013.
  • Bloomberg, “World Bank Says Asia May Need Capital Controls to Curb Asset Bubbles”, 9 Kasım 2010. http://www.bloomberg.com/news/2010-11-08/world-bank-says-asia-mayneed-capital-controls-to-curb-fed-created-bubbles.html, Erişim: 10 Mart 2013.
  • Borio, Claudio & Phillip Lowe, (2002), “Asset Prices, Financial and Monetary Stability: Exploring the Nexus”, BIS Working Papers No:114.
  • Borio, Claudio, William English & Andrew Filardo, (2003), “A Tale of Two Perspectives: Old or New Challenges for Monetary Policy?”, BIS Working Papers No:127.
  • Cecchetti, Stephen G., Hans Genberg, John Lipsky, & Sushil Wadhwani, (2000), “Asset Prices and Central Bank Policy”, Geneva Reports on the World Economy No.2,
  • International Center for Monetary and Banking Studies and Centre for Economic Policy Research, Geneva.
  • Edwards, Sebastian & Roberto Rigobon, (2009), “Capital Controls on Inflows, Exchange Rate Volatility and External Vulnerability”, http://web.mit.edu/rigobon/www/ Robertos_Web_Page/int_-_capcontrols_files/ccev.pdf, Erişim: 15 Mart 2013.
  • Frankel, Jeffrey, (1996), “How Well Do Foreign Exchange Markets Fuction: Might A Tobin Tax Help?”, NBER Working Paper W5422.
  • Frankel, Jeffrey, (1999), “Proposals Regarding Restrictions On Capital Flows”, The African Finance Journal, 1(1), ss.92-104.
  • Forbes, Kristin J., (2005), “Capital Controls: Mud in the Wheels of Market Efficiency”, Cato Journal, 25(1), ss.153-166.
  • G-20, “Coherent Conclusions for the Management of Capital Flows”, 15 Ekim 2011. http://www.mofa.go.jp/policy/economy/g20_summit/2011/pdfs/annex05.pdf, Erişim: 10 Mart 2013. Ghosh, Arish R., Jun Kim, mahvash Saeed Qureshi, Juan Zalduendo, (2012), “Surges”, IMF Working Paper, WP/12/22.
  • Griffith, Saul, “11 EU Countries Embrace the Tobin Tax”, http://www.forexabode.com /forexblog/economy/euro-zone/2013/01/23/11-eu-countries-embrace-the-tobin-tax/ Erişim: 29 Mart 2013.
  • Information Daily Focus Report, “Tobin Tax: the Swedish Experience”, www.tobintax. theinformation daily.com/ archive/id/15. Erişim: 29 Mart 2013.
  • International Monetary Fund, “The Liberalization and Management of Capital Flows: An Institutional View”, 14 Kasım 2012. http://www.imf.org/external/np/pp/eng/2012/ 111412.pdf, Erişim: 10 Mart 2013.
  • Karataş, Hatice & Arif Orçun Söylemez (2005), “Kısa Vadeli Sermaye Hareketleri”, Türkiye İş Bankası Raporu Eylül 2005, Türkiye İş Bankası İktisadi Araştırmalar Müdürlüğü.
  • McKinnon, Ronald I., (1973), Money and Capital In Economic Development, Washington D.C., The Brooking Institution.
  • Mishkin, Frederic S., (2010). “Monetary Policy Flexibility, Risk Management, and Financial Disruptions”, Journal of Asian Economics, 23, ss. 242-246.
  • Mishkin, Frederick S., (2011), “How Should Central Banks Respond to Asset-Price Bubbles? The ‘Lean’ versus ‘Clean’ Debate After the GFC”, Reserve Bank of Australia Bulletin, http://www.rba.gov.au/publications/bulletin/2011/jun/pdf/bu-0611-8.pdf, Erişim: 14 Mart 2013.
  • Norton Rose Report, “Italian Financial Transactions Tax – Italy Imposes Tobin Tax on Financial Transactions”, Şubat 2013, www.nortonrose.com/knowledge/publications/74950/italian-financial-transactionstax-italy-imposes-tobin-tax-on-financial-transactions. Erişim: 29 Mart 2013.
  • Quaghebeur, Marc, (2004), “Belgium Supports Tobin Tax”, News and Country Digest Nov.29,2004, ss.727-729.
  • Shaw, Edward, (1973), Financial Deepening In Economic Development, Oxford University Press, New York.
  • South China Morning Post, “Cyprus to Reopen Banks, Impose Capital Controls”, 28 Mart 2013, http://www.scmp .com/business/economy/article/1201456/cyprus-reopen-banksimpose-capital-controls. Erişim: 29 Mart 2013.
  • Söylemez, Arif Orçun, (2004), “Uluslararası Finans Üzerine Tartışmalar ve Türkiye’nin Finansal Serbestleştirme Deneyimi”, Stratejik Öngörü, 1(1), ss.24-33.
  • Söylemez, Arif Orçun & Server Demirci, (2013), “The Nonlinear Causality Between the International Capital Flows and Economic Growth in Turkey”, Finansal Araştırmalar ve Çalışmalar Dergisi, 8. Spahn, P. Bernd, (1996), “The Tobin Tax and Exchange Rate Stability”, Finance and Development, ss.24-27.
  • Tax the World: EU’s Controversial Tobin Tax Might Take Effect in 2014, www.rt.com/business/eu-transactions-tax-agreed-2014-292/, Erişim: 29 Mart 2013.
  • Tobin, James, (1978) “A Proposal For International Monetary Reform”, Eastern Economic Journal, ss.153-59.
  • Whetley, Jonathan, “Brazil Imposes Tax on Foreign Investments”, Financial Times Europe Edition, 20 Ekim 2013. MARMARA AVRUPA ARAŞTIRMAL
  • White, William R., “Making Macroprudential Concerns Operational”, Speech at a Financial Stability Symposium organized by the Netherlands Bank, Amsterdam, 25-26 October 2004. http://www.bis.org/speeches/sp041026.htm, Erişim: 14 Mart 2013.
  • World Trade Organization (2011), “World Trade Report 2011: the WTO and preferential trade agreements: from co-existence to coherence”. http://www.wto.org/english/res_e/ booksp_e/anrep_e /world_ trade_report11_e.pdf, Erişim 21 Mart 2013.

ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME

Year 2013, Volume: 21 Issue: 1, 85 - 109, 27.06.2013
https://doi.org/10.29228/mjes.112

Abstract

In 1973, the United States of America, Germany, Canada, Switzerland and Holland and then, in 1979, Japan and England abolished the controls on their capital accounts. Thus, a financial liberalization movement emerged initially in the developed countries. Developing countries such as Turkey, Mexico, Argentina, Indonesia, Thailand, Malaysia joined the financial liberalization movement in 1980s hoping to raise external capital for the domestic investments. In the end, numerous countries discarded in the last forty years the regulations that could hinder the mobility of international capital. It is known that international organizations such as IMF and the World Bank had a consensus view on the need for increasing the mobility of international capital until recent past. However, from a theoretical standpoint, views for managing international capital flows always existed in the economics literature along with the views advocating perfect capital mobility. In the aftermath of the global financial collapse which hit the advanced economic centers such as the United States and the Euro Area in 2008, number of the advocates of perfect capital mobility - including the IMF and the World Bank decreased and the view that management of capital flows might result in better ends became the dominanting view. In this context, a similar intellectual tendency emerged in the European Union and some practices came into effect. This article summarizes the literature on capital movements along with various methods of capital controls and reviews the discussions and implementations within the European Union regarding the capital controls.

References

  • Aslund, Anders (2011), “Sweden’s Experience with the Tobin Tax”, Real Time Economic Issues Watch, Peterson Institute for International Economics, www.piie.com/blogs/realtime/? p=2433 Erişim: 29 Mart 2013.
  • Bank for International Settlements (2010), “Report on Global Foreign Exchange Market Activity”. http://www.bis.org/publ/rpfxf10t.pdf. Erişim: 21 Mart 2013.
  • Bloomberg, “World Bank Says Asia May Need Capital Controls to Curb Asset Bubbles”, 9 Kasım 2010. http://www.bloomberg.com/news/2010-11-08/world-bank-says-asia-mayneed-capital-controls-to-curb-fed-created-bubbles.html, Erişim: 10 Mart 2013.
  • Borio, Claudio & Phillip Lowe, (2002), “Asset Prices, Financial and Monetary Stability: Exploring the Nexus”, BIS Working Papers No:114.
  • Borio, Claudio, William English & Andrew Filardo, (2003), “A Tale of Two Perspectives: Old or New Challenges for Monetary Policy?”, BIS Working Papers No:127.
  • Cecchetti, Stephen G., Hans Genberg, John Lipsky, & Sushil Wadhwani, (2000), “Asset Prices and Central Bank Policy”, Geneva Reports on the World Economy No.2,
  • International Center for Monetary and Banking Studies and Centre for Economic Policy Research, Geneva.
  • Edwards, Sebastian & Roberto Rigobon, (2009), “Capital Controls on Inflows, Exchange Rate Volatility and External Vulnerability”, http://web.mit.edu/rigobon/www/ Robertos_Web_Page/int_-_capcontrols_files/ccev.pdf, Erişim: 15 Mart 2013.
  • Frankel, Jeffrey, (1996), “How Well Do Foreign Exchange Markets Fuction: Might A Tobin Tax Help?”, NBER Working Paper W5422.
  • Frankel, Jeffrey, (1999), “Proposals Regarding Restrictions On Capital Flows”, The African Finance Journal, 1(1), ss.92-104.
  • Forbes, Kristin J., (2005), “Capital Controls: Mud in the Wheels of Market Efficiency”, Cato Journal, 25(1), ss.153-166.
  • G-20, “Coherent Conclusions for the Management of Capital Flows”, 15 Ekim 2011. http://www.mofa.go.jp/policy/economy/g20_summit/2011/pdfs/annex05.pdf, Erişim: 10 Mart 2013. Ghosh, Arish R., Jun Kim, mahvash Saeed Qureshi, Juan Zalduendo, (2012), “Surges”, IMF Working Paper, WP/12/22.
  • Griffith, Saul, “11 EU Countries Embrace the Tobin Tax”, http://www.forexabode.com /forexblog/economy/euro-zone/2013/01/23/11-eu-countries-embrace-the-tobin-tax/ Erişim: 29 Mart 2013.
  • Information Daily Focus Report, “Tobin Tax: the Swedish Experience”, www.tobintax. theinformation daily.com/ archive/id/15. Erişim: 29 Mart 2013.
  • International Monetary Fund, “The Liberalization and Management of Capital Flows: An Institutional View”, 14 Kasım 2012. http://www.imf.org/external/np/pp/eng/2012/ 111412.pdf, Erişim: 10 Mart 2013.
  • Karataş, Hatice & Arif Orçun Söylemez (2005), “Kısa Vadeli Sermaye Hareketleri”, Türkiye İş Bankası Raporu Eylül 2005, Türkiye İş Bankası İktisadi Araştırmalar Müdürlüğü.
  • McKinnon, Ronald I., (1973), Money and Capital In Economic Development, Washington D.C., The Brooking Institution.
  • Mishkin, Frederic S., (2010). “Monetary Policy Flexibility, Risk Management, and Financial Disruptions”, Journal of Asian Economics, 23, ss. 242-246.
  • Mishkin, Frederick S., (2011), “How Should Central Banks Respond to Asset-Price Bubbles? The ‘Lean’ versus ‘Clean’ Debate After the GFC”, Reserve Bank of Australia Bulletin, http://www.rba.gov.au/publications/bulletin/2011/jun/pdf/bu-0611-8.pdf, Erişim: 14 Mart 2013.
  • Norton Rose Report, “Italian Financial Transactions Tax – Italy Imposes Tobin Tax on Financial Transactions”, Şubat 2013, www.nortonrose.com/knowledge/publications/74950/italian-financial-transactionstax-italy-imposes-tobin-tax-on-financial-transactions. Erişim: 29 Mart 2013.
  • Quaghebeur, Marc, (2004), “Belgium Supports Tobin Tax”, News and Country Digest Nov.29,2004, ss.727-729.
  • Shaw, Edward, (1973), Financial Deepening In Economic Development, Oxford University Press, New York.
  • South China Morning Post, “Cyprus to Reopen Banks, Impose Capital Controls”, 28 Mart 2013, http://www.scmp .com/business/economy/article/1201456/cyprus-reopen-banksimpose-capital-controls. Erişim: 29 Mart 2013.
  • Söylemez, Arif Orçun, (2004), “Uluslararası Finans Üzerine Tartışmalar ve Türkiye’nin Finansal Serbestleştirme Deneyimi”, Stratejik Öngörü, 1(1), ss.24-33.
  • Söylemez, Arif Orçun & Server Demirci, (2013), “The Nonlinear Causality Between the International Capital Flows and Economic Growth in Turkey”, Finansal Araştırmalar ve Çalışmalar Dergisi, 8. Spahn, P. Bernd, (1996), “The Tobin Tax and Exchange Rate Stability”, Finance and Development, ss.24-27.
  • Tax the World: EU’s Controversial Tobin Tax Might Take Effect in 2014, www.rt.com/business/eu-transactions-tax-agreed-2014-292/, Erişim: 29 Mart 2013.
  • Tobin, James, (1978) “A Proposal For International Monetary Reform”, Eastern Economic Journal, ss.153-59.
  • Whetley, Jonathan, “Brazil Imposes Tax on Foreign Investments”, Financial Times Europe Edition, 20 Ekim 2013. MARMARA AVRUPA ARAŞTIRMAL
  • White, William R., “Making Macroprudential Concerns Operational”, Speech at a Financial Stability Symposium organized by the Netherlands Bank, Amsterdam, 25-26 October 2004. http://www.bis.org/speeches/sp041026.htm, Erişim: 14 Mart 2013.
  • World Trade Organization (2011), “World Trade Report 2011: the WTO and preferential trade agreements: from co-existence to coherence”. http://www.wto.org/english/res_e/ booksp_e/anrep_e /world_ trade_report11_e.pdf, Erişim 21 Mart 2013.
There are 30 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Arif Söylemez

Server Demirci

Publication Date June 27, 2013
Published in Issue Year 2013 Volume: 21 Issue: 1

Cite

APA Söylemez, A., & Demirci, S. (2013). ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME. Marmara Üniversitesi Avrupa Araştırmaları Enstitüsü Avrupa Araştırmaları Dergisi, 21(1), 85-109. https://doi.org/10.29228/mjes.112
AMA Söylemez A, Demirci S. ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME. MJES. June 2013;21(1):85-109. doi:10.29228/mjes.112
Chicago Söylemez, Arif, and Server Demirci. “ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME”. Marmara Üniversitesi Avrupa Araştırmaları Enstitüsü Avrupa Araştırmaları Dergisi 21, no. 1 (June 2013): 85-109. https://doi.org/10.29228/mjes.112.
EndNote Söylemez A, Demirci S (June 1, 2013) ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME. Marmara Üniversitesi Avrupa Araştırmaları Enstitüsü Avrupa Araştırmaları Dergisi 21 1 85–109.
IEEE A. Söylemez and S. Demirci, “ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME”, MJES, vol. 21, no. 1, pp. 85–109, 2013, doi: 10.29228/mjes.112.
ISNAD Söylemez, Arif - Demirci, Server. “ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME”. Marmara Üniversitesi Avrupa Araştırmaları Enstitüsü Avrupa Araştırmaları Dergisi 21/1 (June 2013), 85-109. https://doi.org/10.29228/mjes.112.
JAMA Söylemez A, Demirci S. ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME. MJES. 2013;21:85–109.
MLA Söylemez, Arif and Server Demirci. “ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME”. Marmara Üniversitesi Avrupa Araştırmaları Enstitüsü Avrupa Araştırmaları Dergisi, vol. 21, no. 1, 2013, pp. 85-109, doi:10.29228/mjes.112.
Vancouver Söylemez A, Demirci S. ULUSLARARASI SERMAYE AKIMLARININ KONTROLÜ VE AVRUPA BİRLİĞİ’NİN KONUYA YAKLAŞIMI HAKKINDA BİR İNCELEME. MJES. 2013;21(1):85-109.